Marriott International Expands Canadian Pipeline
Skift Take
Marriott International has significantly strengthened its presence in Canada, experiencing a 36% increase in hotel-level leisure revenue in 2023.
The DJIA was up 331 points while Nasdaq was up 44, the S&P 500 rose 26 points, and the 10-year treasury yield was down .04 to 4.45%. Lodging stocks were higher. ABNB took a hit on their earnings report, down -7%, but BHR was up 5%. VCSA fell -7% on the day.
Normally towards the end of the second week of May, we are talking about how earnings season has slowed down but not this season. The Clunker of the Day was Airbnb. While their 1Q results were in line to slightly above, they gave a very tepid 2Q guide and the stock was crushed. Hyatt Hotels, on the other hand, missed by a little in 1Q but left their full-year guidance unchanged, they reiterated they are on pace for $2 billion of asset dispositions by the end of the year, they bought back $76 million of Class A shares and $312 million of Class B shares and the stock went up. Braemar Hotels & Resorts had some magic of their own, beati
